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USD/PHP Continues To Hover Above PHP48.00 Mark

PHP

Spot USD/PHP re-opened on a firmer footing, but trimmed gains thereafter and last trades at PHP48.08, just above neutral levels. Bulls look for a break above Dec 22 high of PHP48.13, which would shift focus to the 50-DMA at PHP48.20. Bears need a dip through the key PHP48.00 figure to gain a fresh impetus and bring Oct 20, 2016 low of PHP47.95 into play.

  • Philippine trade deficit shrunk a tad to $1.730bn in Nov from $1.786bn, as exports rose 3.0% Y/Y after falling 1.2% the prior month.
  • Philippine Treasurer de Leon said Thursday that the gov't is ready to pay $2.6bn of foreign debt due this month and can can afford not to sell debt overseas at this point.
  • Overseas remittances data is the main point of note on next week's calendar. The release is due next Friday.

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